W*****7
发帖数: 830 | 1 做了点research，好像对于high tax bracket，是个不错的选择，因为免税。但是
municipal bonds太多le，不知道该怎么选择。是不是就挑本州的rating高点,AAA的就
行了？ |
l*u
发帖数: 2090 | 2 或者 你找找 针对本州的 MuniBond Fund？
【在 W*****7 的大作中提到】
: 做了点research，好像对于high tax bracket，是个不错的选择，因为免税。但是
: municipal bonds太多le，不知道该怎么选择。是不是就挑本州的rating高点,AAA的就
: 行了？
|
x******i
发帖数: 477 | 3 我是直接在VANGUARD买MF，比如VWAHX,VTMFX,VTMSX。So far so good，今年收益还不
错。
【在 W*****7 的大作中提到】
: 做了点research，好像对于high tax bracket，是个不错的选择，因为免税。但是
: municipal bonds太多le，不知道该怎么选择。是不是就挑本州的rating高点,AAA的就
: 行了？
|
y****i
发帖数: 778 | 4 http://www.mitbbs.com/clubarticle_t/Bond/31335339.html
If your investment amount is larger than 25000$ and can buy and hold to
mature even the bond price is lower, you can try individual muni bond.
Otherwise, bond fund is better. Muni is good for those income fed tax rate
above 28 percent. If you hit AMT, don't choose bond or bond fund has AMT
muni. |
W*****7
发帖数: 830 | 5 yes. I do hit AMT. does that mean I should not choose municipal bond or
municipal bond fund? but I remember that some muni bond is AMT-free.
【在 y****i 的大作中提到】
: http://www.mitbbs.com/clubarticle_t/Bond/31335339.html
: If your investment amount is larger than 25000$ and can buy and hold to
: mature even the bond price is lower, you can try individual muni bond.
: Otherwise, bond fund is better. Muni is good for those income fed tax rate
: above 28 percent. If you hit AMT, don't choose bond or bond fund has AMT
: muni.
|
y****i
发帖数: 778 | 6 Most muni are AMT-free. Some funds have AMT bond because the yield is
slightly higher than AMT-free bond, just avoid those funds. |
W*****7
发帖数: 830 | 7 Why >25000$? what is the problem with <25000$? Thanks.
【在 y****i 的大作中提到】
: http://www.mitbbs.com/clubarticle_t/Bond/31335339.html
: If your investment amount is larger than 25000$ and can buy and hold to
: mature even the bond price is lower, you can try individual muni bond.
: Otherwise, bond fund is better. Muni is good for those income fed tax rate
: above 28 percent. If you hit AMT, don't choose bond or bond fund has AMT
: muni.
|
y****i
发帖数: 778 | 8 Because the minimum for muni is 5000$. For a better bid quote if you want to
sell it before mature, at least 10000$ will give you a better price to sell
. So 25000$ is only 2-3 individual muni bonds which you can compare ratings,
maket value prices, yields, and liquidation (bid prices) to get some
experience. If you can garantee you will buy and hold, then 5000$ is no
different with 25000$.
【在 W*****7 的大作中提到】
: Why >25000$? what is the problem with <25000$? Thanks.
|
W*****7
发帖数: 830 | 9 Thanks. How is NATL insured bonds? Is NATL good? Many bonds are insured by
NATL.
to
sell
ratings,
【在 y****i 的大作中提到】
: Because the minimum for muni is 5000$. For a better bid quote if you want to
: sell it before mature, at least 10000$ will give you a better price to sell
: . So 25000$ is only 2-3 individual muni bonds which you can compare ratings,
: maket value prices, yields, and liquidation (bid prices) to get some
: experience. If you can garantee you will buy and hold, then 5000$ is no
: different with 25000$.
|
y****i
发帖数: 778 | 10 Natl is good, it is split by Mbia for monoliner muni bond insurance only,
the rating is Baa, only below Assurance (AGM/FSA) which is AA3, but higher
than all other companies. The yield is usually better than AGM/FSA insured
bond. I think it is one of the best choice for individual muni bond. |
W*****7
发帖数: 830 | 11 Thanks.
It looks like that capital gain from selling the muni bonds is still subject
to tax. So should I just avoid buying discount muni bonds? and if I buy
discount muni bonds and hold it to maturity. does it still count as capital
gain or interest?
【在 y****i 的大作中提到】
: Natl is good, it is split by Mbia for monoliner muni bond insurance only,
: the rating is Baa, only below Assurance (AGM/FSA) which is AA3, but higher
: than all other companies. The yield is usually better than AGM/FSA insured
: bond. I think it is one of the best choice for individual muni bond.
|
y****i
发帖数: 778 | 12 No, discount muni bonds are more attractive because you will avoid losing
money if the issuer call back earlier than maturity. Most bonds have call
protection if less than 10 years from new issue, but under some conditions
some bonds can still partial call. It will count as capital gain if you hold
it to maturity, but for investment, capital gain pay tax still better than
lose money to claim capital loss.
subject
capital
【在 W*****7 的大作中提到】
: Thanks.
: It looks like that capital gain from selling the muni bonds is still subject
: to tax. So should I just avoid buying discount muni bonds? and if I buy
: discount muni bonds and hold it to maturity. does it still count as capital
: gain or interest?
|
W*****7
发帖数: 830 | 13 thanks. Does that mean under the same condition, zero coupon will give your
higher YTM than non-zero coupon, right? because you need to adjust for the
capital gain tax for discount muni bond.
hold
than
【在 y****i 的大作中提到】
: No, discount muni bonds are more attractive because you will avoid losing
: money if the issuer call back earlier than maturity. Most bonds have call
: protection if less than 10 years from new issue, but under some conditions
: some bonds can still partial call. It will count as capital gain if you hold
: it to maturity, but for investment, capital gain pay tax still better than
: lose money to claim capital loss.
:
: subject
: capital
|
y****i
发帖数: 778 | 14 Yes, zero coupon will give you higher YTM, but market volatility is also
higher. If you want to sell your bond before maturity, I do not recommend
zero coupon bond because the spread between the bid quote from the broker
and market price will be too large. Only you are 100 percent sure that you
don't need that money for a very long time till the maturity, then you can
buy some zero coupon bond. Currently I have about 10 percent zero coupon
bond in all my muni bond holdings, and usually they should pay 0.5 to 1
percent more yield than normal interest payment muni bond. |
